Stablecoins set a historic record at 10 trillion dollars

January 2026 reserved a major surprise for the crypto market. While Bitcoin recorded its worst performance since 2022, stablecoins quietly processed 10 trillion dollars in transactions. A colossal volume representing nearly a third of all 2024 activity, concentrated in a single month.

Stablecoin flows reach 10 trillion dollars in January

In January, bitcoin suffered its heaviest monthly loss in two years. Yet, stablecoin flows tell a radically different story. Circle’s USDC took the lion’s share with 8.4 trillion dollars processed. Tether added 1.8 trillion while DAI contributed 58.1 billion.

These figures represent much more than a simple flight to safety. They reveal a methodical accumulation of on-chain liquidity, orchestrated by investors positioning strategically. The divergence is striking: while prices fall, the “fuel” accumulates in the tanks.

The scale of the phenomenon becomes evident when comparing these 10 trillion to the 2024 annual volume of 33 trillion. A third of a whole year’s activity concentrated into a single month. This unprecedented concentration suggests that major players are actively preparing their positions for the next bullish phase.

The timing is also striking. Despite a widespread “risk-off” sentiment, where investors traditionally flee to safe havens, these funds remain firmly anchored in the crypto ecosystem.

From safety to productive utility, the new paradigm

Beyond the raw volumes, it is the final destination of these funds that reveals the true bullish signal. Circle minted 10.5 billion dollars of USDC on Solana in January, directly fueling the explosion of tokenized real-world assets. The TVL (Total Value Locked) of RWAs on Solana grew by 8%, crossing the symbolic threshold of 1.19 billion.

At the global scale, the RWA sector experienced a 18% surge, adding 3.7 billion dollars to reach a historic peak of 24.19 billion. These stablecoins are therefore not sleeping in inactive wallets. They supply productive applications, DeFi protocols, and infrastructure projects.

Solana perfectly illustrates this dynamic. Despite a 16% correction of the SOL token, the blockchain recorded 490 billion dollars in transaction volume, ranking fourth among the most active chains. This structural demand persists regardless of price fluctuations, a sign of real and growing adoption.

Y Combinator’s announcement, now accepting stablecoin funding, confirms this major transition. Stablecoins no longer serve only as temporary refuge. They become the monetary infrastructure of a functional digital economy. 

In short, the 10 trillion of January outline a classic undervaluation pattern. Fundamentals are strengthening – liquidity, adoption, real utility – while prices stagnate or decline. This dissonance creates precisely the conditions for a powerful rebound when market sentiment switches to “risk-on” mode. The ammunition is loaded. All that is missing is the spark.